I agree with the editorial that Insurance coverage Commissioner Mike Kreidler mustn’t act independently on excluding credit score rankings as an element to think about insurance coverage charges, however ought to have pursued such motion by way of the legislative course of (The Columbian, Feb. 7). Actually, as somebody who has a excessive credit standing (over 800), exclusion of that issue has brought about my charges to extend.
Nonetheless, I agree that an individual’s credit standing has nothing to do with an individual’s driving means or security. The actuarial components utilized by insurance coverage firms to find out charges embrace driving data, age, the realm the place an individual lives and drives, and self-reported distance pushed. One may query any of those components as bearing instantly on charges. For instance, in line with the Nationwide Freeway Visitors Security Fee, almost 70 p.c of all collisions happen inside 10 miles of house. So far as space is worried, Vancouver is lumped in with the accident fee in Seattle, or the Portland SMSA, in both case to our drawback.
Shopping for insurance coverage of any kind is like playing. Within the case of auto insurance coverage, shopping for it’s required by the state, it isn’t discretionary, and the insurance coverage commissioner ought to make the putting of odds as equitable as doable to each the insurance coverage firms and the customer.